ClearView claims clear air after exiting Wealth

Life insurer ClearView has claimed validation of its exit from financial advice pointing to an improved bottom line, notwithstanding costs associated with selling ClearView Wealth.

ClearView’s half year results reported to the Australian Securities Exchange (ASX) revealed a decline in net profit after tax (NPAT) to a loss of $5.3 million but, on the upside, the company was able to point to a 37% increase in group underlying NPAT.

The directors declared an interim dividend of 1.50 cents per share fully franked.

ClearView’s investor briefing documents revealed the impact of its exit of financial advice with the sale of ClearView Wealth to Centrepoint Alliance, with it booking “Wealth Management impairments” at $12.2 million and “Wealth Management divestment” at $1.9 million.

Commenting on the result, ClearView managing director, Nadine Gooderick pointed out that the firm was solely focused on delivering high quality life insurance solutions and service to customers.

She said the strong half-year results highlighted the group’s successful transition from a diversified financial services company to a pure life insurance business that is focused on extending its strong position in the Australian advised life insurance market.

“The successful execution of ClearViews’ simplification and transformation strategy now sees the business emerge as a life insurance business that is focused on protecting and optimising its position as a dynamic challenger,” Gooderick said.